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is going to require compromise in a different type of deficit reduction plan. given all of those virginia jobs at stake, how can you say no to any type of tax and revenue increase, even if it is paired with a greater degree of spending cuts? >> getting our fiscal house in order in washington. i saw this as being another example of washington leaders not making decisions, putting off decisions to yet another commission, which, if it failed, as it did, it would be the responsibility of the federal government, which is national defense, as well as it being what is known to be over 200,000 technology and defense jobs in virginia. what we need to do is repeal or replace obamacare. but will sit trillions in spending, and that is harmful for business. i think we need to cut out and look at where there is redundancy in government. the government accountability office has put that forward. federal government employees, we have to reward them for cost- saving ideas. in the long term, a balanced budget amendment. tim said in the last debate that this is the right thing to do. now, he has, up with a
surveillance, we assessed on the basis of the numbers that were given to us, as well as the forecast of deficit consolidation expected. we did say at the time that the timing seemed too short to us. and you would say that this is being heard? >> yes. >> i guess this is sort of a follow-up question from the previous. >> i see the you are taking notes. >> yes. you mentioned in your remarks that there should be less focused on target, rather more on implemented will measures. -- implementable measures. you said there was a specific target for march that was looming large in that debate. you did mention that, the role of that analysis. but this the emphasis of the target -- deemphasizing of the target, should that be interpreted as the next being less relevant for the continuing fund intervention? if so, does that mean that the long-term target is going to be achieved by the direct restructuring of the junior officials said to participate? and that this can be achieved in a state that may be more politically opportune? such that it does not have to basically be settled by later this month or in oct
. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with the same salary next year, people here will pay much more taxes than they used to pay. so basically, yes, it's focused on a tax increase. it's really imp
on businesses and the country's wealthy as it seeks to cut the nation's budget deficit. >> in formula one, team mercedes is not going to renew michael schumacher's contract after the season is over. german chancellor angela merkel will have a formidable challenger when she seeks reelection next year. it has been announced that former finance minister peer steinbruck will be running to oppose her. >> is a sharp-witted and sharp- tongued opponent. his candidacy was announced earlier today in berlin. >> he is the spd star right now after the two other contenders made way for him. the parliamentary leader refused to run a second time, and party leader did not think he would attract enough votes, so steinbruck is said to compete against his onetime ally angela merkel for the chancellorship. >> i accept the challenge to take the spd to victory in the next election. that is our goal. we want to oust this government. >> steinbruck says he wants to head a social democrat green coalition. he has a degree in economics and is known for pragmatism and expertise in fiscal policy. he is regarded as a centrist
. the leaders of the spanish regions have agreed to a strict limit on their deficits for this year. spain's overall deficit is expected to be well above the european union target. germany prospered largest insurance company has gone public. >> is the highest initial public offering late germany in about one-and-a-half years. the chief executive officer has run in a new era for the company. they have made over half a billion euros. he says the money will be used for consolidation and he is not planning any new acquisitions in the next two years. that ipo could be a hopeful sign for shares in the coming months. our markets correspondent has more from frankfurt. >> the ipo is a sign of hope for many traders. they are hoping for more ipos to come. 20% of the german mobile phone operator will soon be sold on the stock market according to its parent company. of the ipo process is planned to start as early as this week. all of this is good news for people in the trading floors because ipos only work when there is a certain not of confidence on the markets. a certain amount of reliability. with a
vulnerability for the president may be the deficit. he promised to cut it in half by the end of his term but it's now topped $1 trillion for four straight years. the "new york times" cbs news poll found in ohio, romney has a slim four-point lead on the deficit. today, the "washington post" fact checkers gave the president four pinocchios for claiming on cbs' "60 minutes" 90% of the boost in deficit came from leftover bush policies. >> we took emergency actions. that accounts for 10% of this increase in the deficit. >> now the economy is front and center one week from tonight at the first presidential debate. two days later the president gets a september jobs report. interesting a moment ago he told the crowd he wants to export more jobs. quickly correcting himself and said he wants to export more products and joked i was channeling my opponent there. bret? >> bret: standing next to carl are you? it looks like carl's backdrop. ed henry -- >> very similar. >> bret: thank you very much. now to the international news. close circuit video of twin bombings at the headquarters in damascus. the first b
of the numbers that were given to us, the measures come in the forecast of deficit consideration that was expected, and we did say at the time that the timing seemed too short to us. pleased to see that this is being hurt. >> i'm jacob from the peterson institute. i guess this is sort of a follow-up question from the previous question about greece -- >> i saw you were taking notes. >> yes. my question really goes, you mention angel remarks that there should be less focus on targets rather than implement a measure. >> with respect to greece, if we go back to march and the process back then this year, there was a very specific target, maybe the long-term 127 was looming very large in that debate and you just mentioned that the role of the debt to sustain the analysis worked. but this sort of de-emphasizing of targets, should it be interpreted as the debt sustainability target in next year you're saying is less relevant perhaps for the continuing fund intervention? and if so, does that mean that the long-term debt sustainability target is ultimately going to be achieved by the direc
. >> they came to narrow the deficit next year to 3% of national output -- date came to narrow the deficit next year. >> among the measures -- a temporary 75% income tax on earnings over 1 million euros. business also faces cuts in tax breaks. the prime minister presented the 2013 budget. >> this is a budget for social justice. and it is a budget for growth. it prepares us for the future. it is a courageous and responsible budget. >> the package includes public spending cuts of 10 billion euros. france's economy is in a precarious position. second quarter gdp was stagnant, and unemployment has just talked 3 million -- topped 3 million. the government is aiming to make good on election promises while making sure austerity does not hit france into recession -- tip france into recession. >> spanish banks will need 59 billion euros to get back on their feet according to a new report commissioned by the spanish government. >> that will help take pressure off the prime minister, who is seeking to avoid a bailout. spain says they will ask for around 40 billion euros of the total sum, while the rest ma
. >> we were expecting to have a deficit that was going to be about 7% of the economy and it turned out to be 9%. we did not have the time to react. so weak in our political manifesto, the main aim was that we were going to give spain what it needed. there were not actual promises but as a general promised to try to manage the situation. the figures were worse but we were struggling. >> what would the opposition socialist to differently? spain has one of the biggest property bubbles followed by the collapse. >> we want comprehensive reform of the fiscal system. it has to be more progressive. we know in spain that corporations only pay 11% from their benefits. at the same time, there is a large number of citizens who do not pay taxes to income tax. they are liberal professions like people who put all their revenues inside society. we believe there has to be changes and we have to have a more comprehensive system that is able to control everybody. >> won the budget was announced, it was predictable. this economy has already seen 65 billion euros out of it this year. today was confirmed a
of savings, being moderate in consumption, for a government is not to run a deficit. for a country, virtue is to have your balance of payments, if any not in deficit. now, the anglo-saxons are more accustomed to think in systemic terms what happens if each country is as virtuous as germany is? what happens to global demand then and so on and so forth? aren't these cultural aspect glz they are, indeed. >> but they determine everyday policy, if not politics. >> rose: when you look at th the-- has dealing with this crisis and having it on the front burner perhaps not ledo, you know, the end of the euro zone, as some people feared, certainly the membership in part of the euro zone, but may very well have given some momentum to monetary and fiscal and even political union? >> definitely. definitely. the man who found-- founded the concept of the european union in the late 40s and 50s, john monet. >> rose: a frchma >> said that the integration of europe will grow through crisis. and he was very right. also in that respect. because you see, when we have a serious crisis like undoubtedly the euro
to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the economists. and it's just a question of how much they'll miss by. because this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia ar
% growth in gdp. what he's referring to the fact we're not going to let this increase the deficit. and so the growth in revenues as a result of the economic growth is going to pay for that in part, and we're also going to make the tax system flatter and fairer and simpler which is something else conservatives have wanted, which is also pro-growth. and that's the part the governor is emphasizing. >> he says don't expect any big tax cuts. first of all, you guys ought to pledge to the middle class those middle brackets. i'm not talking about the upper. the upper should lose their tax deductions and everything should be on the table. but i'm talking about the brackets that are around 15% to 28%, jim. that's where the take home is going to rise. you ought to say we're going to leave your deductions alone. we're going to take it out of the high of the upper income people because we're giving them a big tax cut. the middle class, he shouldn't even suggest they're going to be tax deductions. i wrote a column about this. i said use reagan's slogan. use reagan's slogan. all right. take-home pay, th
came in office. i inner hadited the biggest deficit in our history. the last four years it went up and 90 percent is consequence of two wars that were not paid for and tax cut that is were not paid for . prescription drug plan not paid for and worst economic crisis since the great depression. that accounts for 10 percent of the increase in the deficit. >> brian: front page of the new york times. stuart rather thaney it is over one trillion. every budget when they do the math he is over budget by a trillion dollars. >> gretchen: he said 10 percent. wars and the horrible recession he was begin that only accounts for 10 percent. >> yes. >> gretchen: what about the other 90 percent? >> steve: george bushes fault? >> gretchen: i am anding a question. >> you are exposing the attitude of the establishment media to all of president obama and his economic record. break it down. the president said i am only 10 percent responsible for a massive accumulation of debt. he is a big spender, a very big spender and that's the principle reason why we have a massive deficit of trillion a year. he has
. the 2012 budget had 64 billion euros worth of austerity built into it. that was designed to get the deficit levels right back to those iconic levels, but they missed on their deficit star get last year and they'll miss on this year. they're hanging on to #.5% bond you this believes if not reable because austerity on top of a recessionary environment is a toxic mix. >> the ecb saying spanish bank deposits down 1.1% on the month in august, which means they're now the lowest level since april 2008. and we've got a prime minister there who has effectively said to the markets come out and short me because we're not going to go for a bailout unless webo costs go higher. and he's trying to delay aid until after the catalonia elections. and that seems like a pretty thin tight rope to walk. loan i. >> and we'll get the report on just how much money the banks need. it is suspected it will be in the 60 billion plus. but the elections on october 21st, that's rajoy's own province. and then you have the cat lo loaniloa loanian region think they're the richest region giving too much to the others. the res
have started looking over. we got current account deficit and that taps at 3.9%. was at about 4.5%. in the quarter gone by, there was a surplus of close to about $5 billion. and we just got the august trade data out, as well. imported out about 5.1%. and august trade data is more or less in line. on that note, it's back to you again. >> all right. thanks for that. gold a bit of a boost in the run up to qe being launched since -- >> yeah, consolidating. i guess we've seen a pretty positive correlation between qe and pursuing months. so i think we'll see it push higher. as we see the race to the base, it can only be good for the gold price and obviously an even more interesting place, the gold miners. >> i just want to point out this tie isn't because i'm long gold. it's actually because i'm supposed to be matching, see that, this is the -- >> you need to be in a blue tie. >> there's some yellow in there, fwr greg. should have worn a yellow shirt. >> next time. >> not that you should take any fashion advice for me. so what about the reaction to that chinese data? li has the detail
will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different fr
and greece are doing is trying to cut the budget deficit with 25% unemployment, and doing it when bond yields are too high to be able to dip into the market, especially for greece. so these countries have been forced to do this by the markets, brooke, not by politicians. their hand has been forced and now they're telling their people on streets they have got to be the ones that suffer the most. ironically, of course, the u.s. treasury have benefitted from all the european upheaval. it made it easier for the u.s. not to make the tough choices at this moment. any country trying to cut the budget deficit, it is harder to do while that country is in recession. it actually makes the recession worse, which makes it -- it has to be more cuts in order to meet the deficit targets. it is nearly impossible to see how the countries can do that. >> so you point out, you negotiation unemployment rate 25% in spain, running down more numbers, 54% of greeks under age 25 are unemployed. are major spending cuts raising retirement age here to 67, will that work for spain and greece? >> well, over time it should
points. first of all, defense will and can make a contribution to deficit reduction. secondly, this is not the way. the sequester is the worst way to go about reducing defense spending. thirdly, the right way to do it is to go after taxes, raise tax revenue and cut the entitlement programs, which are driving long-term spending growth and debt creation in this country. it's not defense, which is on a relatively stable downward path. so, you know, i would agree that we need to cut our deficits. it's just the wrong way to do it. >> so what is the better way to do it? here we have, you know, automatic cuts coming, automatic tax increases coming. a lot of people predicting that 2013 will be a recession as a result of this. we haven't even heard from the defense companies in terms of how many jobs they're about to cut because of it. so what's the best way to do it? >> keep in mind nobody wants the sequester to happen. maybe chris and his colleagues at catos are an exception. the idea of a sequester is so awf awful, it would cut so deeply into spending, it should never happen. it's a
this month and a new tax on lottery winners. with the new budget the government aims to cut the deficit to 4.5% of the gross domestic product in 2013. it aims to lower the rate to less than 3% in 2014 to fulfill its pledge to the european union. observers say the government may face difficulties to achieve its reduction target this year. they site sluggish growth due to a deteriorating economy than many analysts had expected. let's get a check on the market. prices rose in new york overnight as they cheered spain's effort to fix troubled finances. we got some economic data and what can you tell us about that? >> before i talk about the stock market let me dpgive you the headline figures. the industrial out put fell 1.3%. that's the second straight month of decline and it is worse than whattagists had expected. second of all we also had some inflation numbers. consumer price index fell 0.3% compared with the same month last year and that's the fourth straight month of decline underscoring japan's deflationary trends eaking of e ock market trading let's check where the nikkei average is. it's
at the deficit, everybody knows the problem with the deficit. who do we think is more likely to deal with the deficit? someone who has run it up over a trillion dollars every year he has been in office? is that too is going to do it to? or do we think governor romney, a businessman who is committed to fiscal responsibility is going to do it? who is going to do it to? if the barack obama is in the white house four years from now, he will have appointed one half of all federal judges and he will have changed the complexion of the added states supreme court for decades. can we stand that in this country? is that what we want to? no. foreign affairs. the president of the united states went to new york today, yesterday. other presidents have gone to meet with world leaders to sit down with the israelis and other allies, people who he needs to understand. and interesting article this morning about his failure to do that. he went to new york not to meet with world leaders, he is on "the view." [booing] what a sense of priorities. he said after our ambassador was killed, after we look at the
in this campaign he used on the above ground states to fund the federal deficit and for not approving the economy when democrats controlled congress. >>> we got of us more dead more deficits and more people struggling to find work and no solutions that actually worked. we're the vice president's appeal to older voters in another battleground state assuring florida seniors that medicare would be around for future generations. greta the action the president took his actually strengthened the medicare trust fund and exceeded this live up to 2024. >>> president obama and the challenger mitt romney are prepping for their first debate. in practice sessions mitt romney will get help from the ohio senator who will play the role of the president. president obama will look to massachusetts senator kerry to stand in for mitt romney. behind in recent polls some campaign watchers said that mitt romney has more riding on the debates as well as more to gain than the president. " of the challenger has the opportunity to establish is competent to stand up and hold his own against the president of the estates a
raised levels of almost 4% of gdp in 2010 and we see that today deficit is tomorrows taxes and the market always punishes the lack of fiscal irresponsibility. that is why expanding the public debt is to stimulate the economy and we understood that. once you do if you have to take measures to rebuild your finances. the big mistake made by the many economy starting the crisis was to forget that we can use the public deficits like this. but if you try to use it on a regular basis, you will face sooner or later problems in the deficit and that is exactly what is happening with several economies in europe right now. that is why we've put in place an exit strategy to regain the fiscal balance including several painful measures. for instance increasing the tax revenues come producing the public expenditures, promoting the reforms and the deregulation program. we also sit down with a very inefficient energy company which saves the government more than $5 billion a year in subsidies. thanks to the fiscal discipline, the public debt is a historical low level. more than twice the amount of the total
to curb out debt and deficit. but the president is ahead on who's better to get the economy back on track. steve liesman is here with the disconnect. >> we've been puzzling over this all day. i want to show you the results we have from our national survey of 800 americans. take a look on the economy. who would be better over the next four years. first of all, we asked people, are you better or worse with compared to the last four years? no question here. 55 to 27 definitively, things are worse. what about who's better over the next four years? obama beats romney by nine point. that's more than other surveys out there. caution here, weak survey. other surveys more interested in the political side. they survey registered and likely voters. how about jobs? six to two, worse on jobs. who's better? obama wins. the one place where romney wins is as maria said, on the next one, on the deficit. overwhelmingly, people think the deficit is worse than it was four years ago. they're right. they say romney, only within the margin of error, which is 3.5%, plus or minus on this poll. take a look at the
market companies? and what do we do about the deficit? >> john, it's great to have you on the program. thank you so much. >> thanks, maria. >> john thain joining us as chairman and ceo at cit. let's get to brian shackman. >> fascinating to look at this. they beat on eps and revenue. the the revenue was 6.67. take a look at the stock. it is dropping and continues to drop. now down 4%. it's been a percent every two minutes during that thain interview. we were looking at margins, looking at china, and the u.s. margins were compressed. that's a negative. china was better than expected. that's not offsetting things. u.s. was better than expected. that's not offsetting things. europe was supposed to be up 3.4%. it was down 5%. they paid more in taxes. their sg&a means they're spending more than they're taking in. it's a mixed bag. >> all right, brian. thank you so much. meanwhile, we told you research in motion out with earnings. the stock is soaring in the extended hours trading session. what does that mean to investors in we have the analysis on r.i.m. next. >>> and would you spend twice
a budget come out that continues to bring the deficit down to sustainable levels. europe has pledged to work in partnership with spain to make sure its banks get recapitalized and continue to afford a access the markets. we will see as they work in the partnerships the days ahead again, they have the tools and we see the political will on the part of the spanish go >> you watch spain, you just got back from china. i have a bunch of questions about china, stories in the paper, lael, in china is the first question, the second question is the republican nominee, mitt romney, has accused the obama administration of not being tough enough on china. the third question you have a report coming out october 15th on whether china is a currency manipulator. what are you going to say? >> well, let me just start with your first question. china's leadership team is undergoing a transition process and confront important questions how they are going to take forward their economic policy. steve, as you know, since day one, president obama's been extremely focused on achieving a more balanced relation
bonds because they now have a pension deficit. that's nonsense, of course. what's happening on the corporate side? they're awash with capital. are we also getting less issuance and how much more money do corporates need to have? >> what's interesting is the eurozone credit market is shrinking year on year which is the first time it's done that for a long time. there's not only less issuance, there's less coming out to meet, retiring effectively. corporates as kelly said earlier, the economic outlook is not rosy. the motivation to carry out m&a activities is relatively low. so i expect the trend to continue. >> and the quality they're issuing isn't all that great either. >> the good quality have all the cash they need. so, you know, they don't need any who are. >> most of them have the cash. i think the good quality borrowers can borrow really easier. there's huge 2k3457demand for h the spreads are tight. >> angela merkel and mario draghi are both delivering speeches in berlin today. organized by the bdi which represents large and small enterprises, the day of industry is int
become all too familiar in europe, facing spiraling deficits and higher unemployment, spain unleashed drafting spending cuts to date are around $50 billion. it is europe's largest -- fourth largest economy. gavin hewitt has more from madrid. >> lines of police outside the education ministry in madrid tonight. teachers protested here against cuts. they came onto the street at the government's announced the most severe round of budget savings so far. these latest austerity measures are widely seen as paving the way for a full-scale bailout. >> [spending -- speaking spanish] >> the minister of finance said he heard 2012 would be the last year the economy would shrink. another minister described it as a crisis budget designed to exit the crisis. this austerity budget aims to find savings of 40 billion joerres next year. each government department would how to make cuts of 90%. public-sector pay will be frozen for another year, and the retirement age is set to rise. >> just a few weeks ago, europe believed it had achieved a breakthrough. the european central bank said it would help come --
in the finances and reduce the deficit. the richest households and the biggest companies would bear most of the pain. >> this is a fighting budget to restore the country to health. this is fighting a debt. >> the budget will lead to savings of 30 billion euros next year. that is less than 2% of the economic output. public spending will be frozen. care will be higher taxes on those earning over $1 million. they will be taxed at 75%. he is a new media person and a millionaire and he believes the higher taxes will send a message that france is not open for business. >> the risk is not only that talent will leave the country but the young ones with talent will leave the country. >> this week has seen the paris motor show. hard selling in tough times. the french economy is stagnating and workers are being laid off. eight thousands at peugeot alone. some argue that if france is to grow again, it needs radical reform. >> in france, we must do everything for the future to have our industry competitive. beyond retreat -- restructuring, we have one of the highest. >> many of these workers face red
, this is "early today." in sports, the europeans played their hearts out yesterday, overcoming a 10-6 deficit to match the greatest comeback in ryder cup history. the europeans started out fast and held the u.s. to just 3 1/2 points all day. square mr. jim garcia, jim furyk misses a putt and garcia wins one up, marking a point at which europe came all the way back to take a 13-12 lead. 18th hole, martin kaymer wins the putt to give europe the point they needed to win the ryder cup. >>> packers leading by seven, the saints drew brees connects with a 20-yard strike to marques colston, tying the nfl's all-time mark set by the great johnny unitas. behind in the fourth, the saints had a shot to take the lead, but missed a 48-yard field goal with two and a half minutes to play. green bay won it 28-27. new orleans is 0-4. >>> some trickery in the nfl yesterday. a fake field goal turned into a two-yard touchdown pass to danny amendola, putting the rams ahead of the seahawks late in the first quarter. they would go on to win 19-13. in cincinnati, trailing 7-3 on fourth down, the bengals used a direct
them to be able to reduce the deficit level down to 3% of g.d.p. from 4.5% which is where it is at the moment. the feeling at the moment is it probably won't. let's shift attention over to spain where we had the budget yesterday. generally speaking people were very favorable about the budget, but -- us asterity measures were those ones this would be conditions for a bailout. so a bailout was coming along and so therefore that's what happening. however, the next thing in line, probably after the market's closed, got to be the stress test on the banks. nobody really knows how deeply in debt banks are. how much bad debt they've got out there. could be anything, 150 billion euros there talking about an enormous. >> talking to banks, i'm thinking of the trouble that banks are getting themselves into over this liable scandal. >> yes. will, libel, of course the race at which the banks lend to each other, and it was established by the british banks and them saying this is what we're lending out. they roughly average it together, come out with the libel rates. they're now changing
to help spain again. what is the spanish government trying to do? it has to reduce its budget deficits. it needs to make savings this year of 62 billion euros and 40 billion euros in 2013. but fear is that a deteriorating recession makes hitting those targets ever harder. >> you need the revenue to pay your debts. but then, of course consumption goes down so you don't have money to pay your debts. there is no growth. spain is in recession. next year it will stay in a recession. so, yes, it is a vicious circle. really impossible to solve this conundrum. >> all the pressure from the eurozone partners, there is anger by those -- from those affected by cuts. health workers demonstrate every day near the country's biggest hospitals. government projects will again be slashed to day as people here struggle and a deepening recession. >> the demonstrations are daily here and there are likely to increase in size and number. but what we are seeing from these reforms -- slashing public spending -- is really spain doing its part of the bargain and head of a possible second bailout. the government s
-- is only 34%. and the government fiscal deficit is only 1.1% of total gdp. which is just about 1/3 of averages. and i think this is why this credit rating agencies are so confident about the capacity of a korean economy to repay its sovereign debt. better debt ratings could make korean bonds look like a safe haven investment, encouraging in flow from overseas, and causing the yuan to appreciate. we asked how all this affects south korea's economy? we are expecting capital inflows and falling appreciation in the near future which may hurt some exporting farms in korea. but i don't think this is going to be a fatal blow to the korean economy. instead in the long term. i think it will be much easier for korean firms to finance their projects in the international market. and so, this -- credit rating upgrade is kind of benefit to korean economy rather than a concern. >> a small firm in tokyo has built an eco friendly car that runs on both hydrogen and gasoline. the minivehicle was remodeled from the regular gasoline powered car. equipped with hydrogen tank, fuel injector and control
Search Results 0 to 49 of about 107 (some duplicates have been removed)

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